68-2304.Express highways and freeways; issuance of highway bonds bysecretary of transportation; purpose; amounts and limitations; payment ofprincipal and interest; maximum rate of interest and period of maturity;redemption, conditions of sales; amortization; execution; signatures, form;negotiability; notice of sale; bidding conditions and procedure; replacement;issuance; disposition of proceeds; state freeway construction fund, creation, purpose.The secretary of transportation is hereby authorized to provide by oneor more resolutions for the issuance of highway bonds of the state ofKansas, in the amounts and with the limitations provided in thissection, for the purpose of providing funds for the construction,improvement and reconstruction of any one or more highway projects in anaggregate principal amount not exceeding $320,000,000, but the annual principalamount of such bondsissued in any fiscal year shall not exceed $40,000,000, except that wheneverbonds are issued in anyfiscal year in an amount less than that permitted in such fiscal year,bonds in an amount not to exceed the difference between the amount ofthe bonds actually issued and the amount of the bonds permitted to beissued in such fiscal year may be issued in any subsequent fiscal yearin addition to the amount of bonds permitted to be issued in that fiscalyear. The principal of and the interest on such bonds shall be payablesolely from the state freeway fund. The bonds of each issue shall bedated, shall bear interest at a rate not exceeding the maximum rateof interest prescribed by K.S.A. 10-1009,and amendments thereto, shall mature notmore than 30 years from their date, as provided by thesecretary of transportation, and may be made redeemable before maturity,at the option of the secretary, at such price and under suchterms and conditions fixed by the secretary prior to theissuance of the bonds. Such bonds shall not be sold for any amount lessthan par and accrued interest. Such bonds shall be fully amortized overthe thirty-year period. The secretary shall determine the form and themanner of execution of the bonds, including any interest coupons to beattached thereto, and shall fix the denomination of thebonds and the place of payment of principal and interest,which shall be at a member bank or trust company of the federal reservesystem or with one or more banks in the state of Kansas, or both. Thebonds shall be signed by the secretary of transportation or bear the secretary'sfacsimile signature, and the official seal shall be impressedthereon, and any coupons thereon shall bear the facsimile signature of thesecretary. In case any officer whose signature or a facsimile ofwhose signature appears on any bonds or coupons shall cease to besuch officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes,the same as if such officer had remained in office until such delivery.All bonds issued under the provisions of this act shall have all the qualitiesand incidents of negotiableinstruments under the negotiable instruments law of the state. The bondsmay be issued in coupon or in registered form, or both, as the secretarydetermines, and provision may be made for the registration of anycoupon bonds as to both principal andinterest, for the reconversion into coupon bonds of any bonds registeredas to both principal and interest and for the interchange of registeredand coupon bonds. The resolution authorizing the issuance of any suchbonds may contain such other provisions as the secretary oftransportation deems reasonable and proper for the security of theholders of the bonds. All bonds authorized to be issued by the secretaryunder this act shall be sold at public sale with sealed bids. Notice ofsuch sale shall be given once by publication in theKansas register, but such sale also shall be advertised in such financialpublications as the secretary deems necessary. Such notice in the Kansasregister shall be published not less than 10 days normore than 30 days before such sale and shall contain thefollowing information: (a) The date, time and place at which written,sealed bids will be received and considered for the sale of such bondsfor cash; (b) the date of issue, total par value and denomination of thebonds being sold; (c) the minimum amount which will be accepted as abid; (d) the dates and amounts of maturities of such bond issues; (e)the maximum rate of interest and the maximum acceptable differencebetween the highest and the lowest rates of interest; (f) thedates on which interest on such bonds are due and payable; (g)the place where and the approximate date on which the bondsbeing sold will be delivered to the purchaser; and (h) a statement thata good faith deposit in the form of a certified or cashier's check inthe amount of 2% of the total par value of thebonds being sold shall accompany each bid.
Prospective purchasers shall submit written, sealed bids for suchbonds, and each bid shall be accompanied by a certified or cashier'scheck for 2% of the total par value of the bonds beingsold. In case any purchaser, whose bid is accepted, fails to carryout their contract, the deposit shall be forfeited to thesecretary of transportation as full and liquidated damages. The sealedbids shall be opened publicly and only at the time and place specifiedin the notice; and at the time and place specified, the bonds shall besold to the highest and best bidder, who shall be that bidder specifyingthe lowest net average annual interest rate; however, any or all bidsmay be rejected. No bonds shall be delivered to any purchaser until acertified or cashier's check in the amount of the bid is placed in thepossession and custody of the secretary or secretary's assigns.
The secretary of transportation also may provide for the replacementof any bonds which are mutilated,destroyed or lost.Bonds may be issued under the provisions of this act without obtainingthe consent of any department, division, commission, board, bureau oragency of the state and without any other proceedings or the happeningof any other conditions or things than those proceedings, conditions orthings which are specifically required by this act.
The proceeds from the sale of the highway bonds authorized to beissued under this act shall be paid into the state treasury to thecredit of a state freeway construction fund, which fund is herebycreated, and the moneys paid into such fund are hereby appropriated forthe purpose of providing funds for the construction, reconstruction andimprovement of highway projects in the state, subject to the provisionsof K.S.A. 68-2306 and 68-2311, and amendments thereto.
History: L. 1972, ch. 252, § 3; L. 1975, ch. 427, § 228; L.1976, ch. 297, § 1; L. 1981, ch. 324, § 21; L. 1983, ch. 49, § 94; May 12.
68-2304.Express highways and freeways; issuance of highway bonds bysecretary of transportation; purpose; amounts and limitations; payment ofprincipal and interest; maximum rate of interest and period of maturity;redemption, conditions of sales; amortization; execution; signatures, form;negotiability; notice of sale; bidding conditions and procedure; replacement;issuance; disposition of proceeds; state freeway construction fund, creation, purpose.The secretary of transportation is hereby authorized to provide by oneor more resolutions for the issuance of highway bonds of the state ofKansas, in the amounts and with the limitations provided in thissection, for the purpose of providing funds for the construction,improvement and reconstruction of any one or more highway projects in anaggregate principal amount not exceeding $320,000,000, but the annual principalamount of such bondsissued in any fiscal year shall not exceed $40,000,000, except that wheneverbonds are issued in anyfiscal year in an amount less than that permitted in such fiscal year,bonds in an amount not to exceed the difference between the amount ofthe bonds actually issued and the amount of the bonds permitted to beissued in such fiscal year may be issued in any subsequent fiscal yearin addition to the amount of bonds permitted to be issued in that fiscalyear. The principal of and the interest on such bonds shall be payablesolely from the state freeway fund. The bonds of each issue shall bedated, shall bear interest at a rate not exceeding the maximum rateof interest prescribed by K.S.A. 10-1009,and amendments thereto, shall mature notmore than 30 years from their date, as provided by thesecretary of transportation, and may be made redeemable before maturity,at the option of the secretary, at such price and under suchterms and conditions fixed by the secretary prior to theissuance of the bonds. Such bonds shall not be sold for any amount lessthan par and accrued interest. Such bonds shall be fully amortized overthe thirty-year period. The secretary shall determine the form and themanner of execution of the bonds, including any interest coupons to beattached thereto, and shall fix the denomination of thebonds and the place of payment of principal and interest,which shall be at a member bank or trust company of the federal reservesystem or with one or more banks in the state of Kansas, or both. Thebonds shall be signed by the secretary of transportation or bear the secretary'sfacsimile signature, and the official seal shall be impressedthereon, and any coupons thereon shall bear the facsimile signature of thesecretary. In case any officer whose signature or a facsimile ofwhose signature appears on any bonds or coupons shall cease to besuch officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes,the same as if such officer had remained in office until such delivery.All bonds issued under the provisions of this act shall have all the qualitiesand incidents of negotiableinstruments under the negotiable instruments law of the state. The bondsmay be issued in coupon or in registered form, or both, as the secretarydetermines, and provision may be made for the registration of anycoupon bonds as to both principal andinterest, for the reconversion into coupon bonds of any bonds registeredas to both principal and interest and for the interchange of registeredand coupon bonds. The resolution authorizing the issuance of any suchbonds may contain such other provisions as the secretary oftransportation deems reasonable and proper for the security of theholders of the bonds. All bonds authorized to be issued by the secretaryunder this act shall be sold at public sale with sealed bids. Notice ofsuch sale shall be given once by publication in theKansas register, but such sale also shall be advertised in such financialpublications as the secretary deems necessary. Such notice in the Kansasregister shall be published not less than 10 days normore than 30 days before such sale and shall contain thefollowing information: (a) The date, time and place at which written,sealed bids will be received and considered for the sale of such bondsfor cash; (b) the date of issue, total par value and denomination of thebonds being sold; (c) the minimum amount which will be accepted as abid; (d) the dates and amounts of maturities of such bond issues; (e)the maximum rate of interest and the maximum acceptable differencebetween the highest and the lowest rates of interest; (f) thedates on which interest on such bonds are due and payable; (g)the place where and the approximate date on which the bondsbeing sold will be delivered to the purchaser; and (h) a statement thata good faith deposit in the form of a certified or cashier's check inthe amount of 2% of the total par value of thebonds being sold shall accompany each bid.
Prospective purchasers shall submit written, sealed bids for suchbonds, and each bid shall be accompanied by a certified or cashier'scheck for 2% of the total par value of the bonds beingsold. In case any purchaser, whose bid is accepted, fails to carryout their contract, the deposit shall be forfeited to thesecretary of transportation as full and liquidated damages. The sealedbids shall be opened publicly and only at the time and place specifiedin the notice; and at the time and place specified, the bonds shall besold to the highest and best bidder, who shall be that bidder specifyingthe lowest net average annual interest rate; however, any or all bidsmay be rejected. No bonds shall be delivered to any purchaser until acertified or cashier's check in the amount of the bid is placed in thepossession and custody of the secretary or secretary's assigns.
The secretary of transportation also may provide for the replacementof any bonds which are mutilated,destroyed or lost.Bonds may be issued under the provisions of this act without obtainingthe consent of any department, division, commission, board, bureau oragency of the state and without any other proceedings or the happeningof any other conditions or things than those proceedings, conditions orthings which are specifically required by this act.
The proceeds from the sale of the highway bonds authorized to beissued under this act shall be paid into the state treasury to thecredit of a state freeway construction fund, which fund is herebycreated, and the moneys paid into such fund are hereby appropriated forthe purpose of providing funds for the construction, reconstruction andimprovement of highway projects in the state, subject to the provisionsof K.S.A. 68-2306 and 68-2311, and amendments thereto.
History: L. 1972, ch. 252, § 3; L. 1975, ch. 427, § 228; L.1976, ch. 297, § 1; L. 1981, ch. 324, § 21; L. 1983, ch. 49, § 94; May 12.
68-2304.Express highways and freeways; issuance of highway bonds bysecretary of transportation; purpose; amounts and limitations; payment ofprincipal and interest; maximum rate of interest and period of maturity;redemption, conditions of sales; amortization; execution; signatures, form;negotiability; notice of sale; bidding conditions and procedure; replacement;issuance; disposition of proceeds; state freeway construction fund, creation, purpose.The secretary of transportation is hereby authorized to provide by oneor more resolutions for the issuance of highway bonds of the state ofKansas, in the amounts and with the limitations provided in thissection, for the purpose of providing funds for the construction,improvement and reconstruction of any one or more highway projects in anaggregate principal amount not exceeding $320,000,000, but the annual principalamount of such bondsissued in any fiscal year shall not exceed $40,000,000, except that wheneverbonds are issued in anyfiscal year in an amount less than that permitted in such fiscal year,bonds in an amount not to exceed the difference between the amount ofthe bonds actually issued and the amount of the bonds permitted to beissued in such fiscal year may be issued in any subsequent fiscal yearin addition to the amount of bonds permitted to be issued in that fiscalyear. The principal of and the interest on such bonds shall be payablesolely from the state freeway fund. The bonds of each issue shall bedated, shall bear interest at a rate not exceeding the maximum rateof interest prescribed by K.S.A. 10-1009,and amendments thereto, shall mature notmore than 30 years from their date, as provided by thesecretary of transportation, and may be made redeemable before maturity,at the option of the secretary, at such price and under suchterms and conditions fixed by the secretary prior to theissuance of the bonds. Such bonds shall not be sold for any amount lessthan par and accrued interest. Such bonds shall be fully amortized overthe thirty-year period. The secretary shall determine the form and themanner of execution of the bonds, including any interest coupons to beattached thereto, and shall fix the denomination of thebonds and the place of payment of principal and interest,which shall be at a member bank or trust company of the federal reservesystem or with one or more banks in the state of Kansas, or both. Thebonds shall be signed by the secretary of transportation or bear the secretary'sfacsimile signature, and the official seal shall be impressedthereon, and any coupons thereon shall bear the facsimile signature of thesecretary. In case any officer whose signature or a facsimile ofwhose signature appears on any bonds or coupons shall cease to besuch officer before the delivery of such bonds, such signature or suchfacsimile shall nevertheless be valid and sufficient for all purposes,the same as if such officer had remained in office until such delivery.All bonds issued under the provisions of this act shall have all the qualitiesand incidents of negotiableinstruments under the negotiable instruments law of the state. The bondsmay be issued in coupon or in registered form, or both, as the secretarydetermines, and provision may be made for the registration of anycoupon bonds as to both principal andinterest, for the reconversion into coupon bonds of any bonds registeredas to both principal and interest and for the interchange of registeredand coupon bonds. The resolution authorizing the issuance of any suchbonds may contain such other provisions as the secretary oftransportation deems reasonable and proper for the security of theholders of the bonds. All bonds authorized to be issued by the secretaryunder this act shall be sold at public sale with sealed bids. Notice ofsuch sale shall be given once by publication in theKansas register, but such sale also shall be advertised in such financialpublications as the secretary deems necessary. Such notice in the Kansasregister shall be published not less than 10 days normore than 30 days before such sale and shall contain thefollowing information: (a) The date, time and place at which written,sealed bids will be received and considered for the sale of such bondsfor cash; (b) the date of issue, total par value and denomination of thebonds being sold; (c) the minimum amount which will be accepted as abid; (d) the dates and amounts of maturities of such bond issues; (e)the maximum rate of interest and the maximum acceptable differencebetween the highest and the lowest rates of interest; (f) thedates on which interest on such bonds are due and payable; (g)the place where and the approximate date on which the bondsbeing sold will be delivered to the purchaser; and (h) a statement thata good faith deposit in the form of a certified or cashier's check inthe amount of 2% of the total par value of thebonds being sold shall accompany each bid.
Prospective purchasers shall submit written, sealed bids for suchbonds, and each bid shall be accompanied by a certified or cashier'scheck for 2% of the total par value of the bonds beingsold. In case any purchaser, whose bid is accepted, fails to carryout their contract, the deposit shall be forfeited to thesecretary of transportation as full and liquidated damages. The sealedbids shall be opened publicly and only at the time and place specifiedin the notice; and at the time and place specified, the bonds shall besold to the highest and best bidder, who shall be that bidder specifyingthe lowest net average annual interest rate; however, any or all bidsmay be rejected. No bonds shall be delivered to any purchaser until acertified or cashier's check in the amount of the bid is placed in thepossession and custody of the secretary or secretary's assigns.
The secretary of transportation also may provide for the replacementof any bonds which are mutilated,destroyed or lost.Bonds may be issued under the provisions of this act without obtainingthe consent of any department, division, commission, board, bureau oragency of the state and without any other proceedings or the happeningof any other conditions or things than those proceedings, conditions orthings which are specifically required by this act.
The proceeds from the sale of the highway bonds authorized to beissued under this act shall be paid into the state treasury to thecredit of a state freeway construction fund, which fund is herebycreated, and the moneys paid into such fund are hereby appropriated forthe purpose of providing funds for the construction, reconstruction andimprovement of highway projects in the state, subject to the provisionsof K.S.A. 68-2306 and 68-2311, and amendments thereto.
History: L. 1972, ch. 252, § 3; L. 1975, ch. 427, § 228; L.1976, ch. 297, § 1; L. 1981, ch. 324, § 21; L. 1983, ch. 49, § 94; May 12.
